Benzinga | Dec 16, 2021 08:11AM EST

Duos Technologies Reports Secured Added Contract For Railcar Inspection Portal With CSX, No Terms Disclosed

Duos Technologies Group, Inc. ("Duos" or the "Company") (NASDAQ:DUOT) through its operating subsidiary Duos Technologies, Inc. a provider of vision based analytical technology solutions, has been awarded a contract for an additional turn-key Railcar Inspection Portal (rip(r)) with existing customer CSX Corporation ("CSX") (NASDAQ:CSX). This contract marks the third portal to be installed as part of the Company's continued partnership with CSX. The Company believes this order is indicative of an increasing trend in the railroad industry to accelerate the implementation of automated railcar mechanical inspection and integration of the systems into their various mechanical departments.

The award includes a contract for annual service and preventive maintenance of the system. In addition, Duos, using its proprietary truevue360 platform, will provide its Expert Artificial Intelligence (EAI) which incorporates Human-in-the-Loop (HITL) as part of the development and training process. This additional step dramatically increases the performance, accuracy and reliability of each unique inspection algorithm. Installation and development efforts are expected to be completed by the end of the second quarter of 2022.

Duos CEO Chuck Ferry commented, "We would like to thank CSX for their confidence in our technologies as well as their continued and expanded business with us. Over the past 12 months we have been focused on making continuous improvements to our core centraco(r) software platform to ensure our operations are able to run smoothly with increased capabilities. We have also been developing bespoke hardware technologies, which will be included in this and future installations that should expand our service offerings and make us an even more essential part of the rail inspection process."